Siemens CEO Joe Kaeser cuts 15,000 jobs to catch up With GE, ABB

7:24 PM,
Sep. 29, 2013

(FILES) Picture taken on October 12, 2011 shows the logo of the German industrial giant Siemens AG at the historic construction plant in Berlin. German engineering giant Siemens plans to slash 15,000 positions by next year as part of a cost-cutting programme, including 5,000 in its home country, a news report said September 29, 2013. AFP PHOTO / MICHELE TANTUSSIMICHELE TANTUSSI/AFP/Getty Images

Written by

Alex Webb and Dorothee Tschampa
Bloomberg News

Siemens AG's new Chief Executive Officer Joe Kaeser will cut more jobs than initially planned to boost earnings after the failure to catch up with rivals General Electric Co. and ABB Ltd. cost his predecessor the job.

The company will eliminate 15,000 jobs, representing 4 percent of its 370,000 workers worldwide, and a third of the cuts will come in the German home market, Siemens spokesman Oliver Santen said by phone today. He declined to give more regional details. Siemens, Europe's largest engineering company, had initially planned some 8,000 job cuts globally, a person familiar with ...